Introduction to this article: today's Shanghai Copper Down, mainly because the macro mood is cold. Sino-US relations have further escalated due to the closure of the consulate. Today, the Chinese Ministry of Foreign Affairs informed the US Consulate General in Chengdu to close, and relations between the two countries fell to the lowest level in 40 years. The contradiction between China and the United States continues to intensify and hit the market optimism, and the market risk appetite is damaged to put pressure on the copper price.
A brief comment on SMM
Today, the decline of copper in Shanghai is mainly due to the cold macro mood. Sino-US relations have further escalated due to the closure of the consulate. Today, the Chinese Ministry of Foreign Affairs informed the US Consulate General in Chengdu to close, and relations between the two countries fell to the lowest level in 40 years. The contradiction between China and the United States continues to intensify and hit the market optimism, and the market risk appetite is damaged to put pressure on the copper price. Today, the main force of Shanghai copper opened at 52080 yuan / ton in the morning. after the opening, the copper price of bulls fell slightly, and the center of gravity was arranged horizontally around 51990 yuan / ton. then the copper price fluctuated down to 51670 yuan / ton, and then rebounded upwards. the center of gravity rose about 140yuan / ton, and closed at 51770 yuan / ton in midday trading. Opening in the afternoon, the short forces entered the market and fell rapidly, accompanied by the concussion of copper prices in long positions, with a daily low of 51060 yuan / ton. At this time, the air flat more into, so that the disk temporarily out of the low upstream to 51540 yuan / ton. At the end of the day, the copper price fell again in the long part of the market, and finally closed at 51220 yuan / ton, down 520 yuan / ton, or 1.01%. During the day, 09 contracts reduced positions by 4458 to 113000, mainly by long positions, while trading volume increased by 27000 to 199000. 08 during the contract day, positions were reduced by 2633 to 72000, mainly by long positions, while trading volume increased by 1000 to 73000.
Today, copper in Shanghai closed in the negative, giving up the gains of the previous three days. The KDJ opening continued to expand downward, and the upper pressure averages for 5 days and 10 days. Wait for the outer disk guide at night to test whether Shanghai Copper can hold the 51000 mark.
Spot market
Today, the spot price of electrolytic copper in Shanghai quoted a price of 20 to 90 yuan per ton for that month's contract, 51820 yuan / ton to 51980 yuan / ton for Pingshui copper, and 51870 yuan / ton to 52020 yuan / ton for Shengshui copper. Shanghai copper pressure 52000 yuan / ton shock finishing. The morning market holder continued yesterday's quotation of Pingshui copper 40 yuan 50 yuan / ton good copper water 90 won 100 yuan / ton, but the deal was difficult. Today Friday, the monthly long order is coming to an end, and the holder has a strong willingness to cash, so he has no choice but to take the initiative to lower the quotation. Good copper is lowered to 70 yuan 80 yuan / ton, and the flat copper quotation is mostly 30 yuan / ton, but the buyer's intention is even lower. After a long confrontation between supply and demand, Pingshui copper raised 20 yuan / ton so that the transaction has been slightly improved, and the quotation of wet-process copper has been slightly lowered, from 50-40 yuan / ton to 70 yuan / ton, and some of the low-end difference of wet-process copper can be as low as 100 yuan. The willingness to receive goods downstream is low, and the actual consumption is weak. Shanghai social inventory continued to increase this week, making it difficult for holders to expect rising water to enter the end of next month, superimposed disk rebound brought about a wait-and-see stop downstream, the off-season effect is becoming more and more obvious.
Today, the spot price of electrolytic copper in Guangdong Province rose to 0% of the monthly contract, with an average price drop of 5 yuan / ton; the wet copper newspaper offered a discount of 40% to 30%, which was the same as yesterday. The average price of electrolytic copper is 52000 yuan / ton up 55 yuan / ton, and the average price of wet process copper is 51935 yuan / ton up 60 yuan / ton. Spot market: although copper prices continue to fall today, inventories have increased significantly for two consecutive days, the supply of negotiable goods in the market has increased significantly, and on Friday, you can feel that there is a marked increase in shippers today, and the rising water has also dropped. By 11:00, flat copper has been quoted as a discount of 10 yuan / ton, but even so, the desire to receive goods in the market is still very low. In addition, the mainstream trading price of today's good copper is 60 yuan / ton down 10 yuan / ton compared with yesterday, while wet copper is at a discount of 40 yuan 50 yuan / ton. Finally, it is understood that some copper rod factories have plans to stop production and overhaul next week, and it happens to be the end of the month, so we expect Shengshui to remain low next week, making it difficult to rebound substantially.
Yangshan copper
Today's warehouse receipt is quoted at US $88 per ton, the average price is unchanged from the previous day, and the bill of lading is quoted at US $73 per ton, with the average price unchanged from the previous day, QP August. LME0-3 has a water price of US $25.50 / ton and an import loss of around RMB400 / tonne.
Today's market turnover is more deserted than yesterday. Near the weekend, the market trading enthusiasm is not high, in the case of substantial losses in the price ratio, there is almost no inquiry, the seller also said that there is no willingness to quote. At present, the number of offers on the bill of lading at the end of July and the beginning of August in the market is limited, and the delivery price of some buying orders is about 10 US dollars lower than that quoted by the sellers. Under the weak pattern of supply and demand, the price remains unchanged for the time being. There is almost no warehouse receipt offer.
At present, the transaction price of good copper warehouse receipt is around 98 US dollars / ton, 94 US dollars / ton by mainstream fire method, 88 yuan / ton by wet method, 85 US dollars / ton by good copper bill of lading, 80 US dollars / ton by mainstream fire method and 73 US dollars / ton by wet method.
Inventory
LME copper stocks today were 141725 tonnes, down 2045 tonnes, or 1.44 per cent, from the previous day.
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